Homework Sourseournal Entry The companys adjusted trial balance as follows
ournal Entry The company\'s adjusted trial balance as follows includes the following accounts balances: Cash, $15,000; Equipment, $85,000; Accumulated Depreciation, $25,000; Accounts Payable, $10,000; Owner, Capital, $59,000; Owner, Withdrawals, $2,000; Fees Earned, $56,000; Depreciation Expense, $25,000; and Salaries Expense, $23,000. All accounts have normal balances. Prepare closing entry #3 by selecting the account names and dollar amounts from the drop-down menus.
Solution
Closing entries :
| Date | accounts & explanation | debit | credit |
| Fees earned a/c | 56000 | ||
| Income summary a/c | 56000 | ||
| (To record close of fees earned account) | |||
| Income summary a/c | 48000 | ||
| Depreciation exp | 25000 | ||
| Salaries exp | 23000 | ||
| (To record close of exp account) | |||
| Income summary a/c | 8000 | ||
| Owner\'s capital a/c | 8000 | ||
| (To record close of income summary a/c) | |||
| Owner\'s capital a/c | 2000 | ||
| Owner, Withdrawals | 2000 | ||
| (To record close of withdrawal account) |
